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20120908
20120908
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secretary and president obama's economic advisor joined us from harvard university in davis his view of how the crisis has been handled. >> larry summers, another decision date for the euro. to you think it has been well managed to? >> this is not going to be a happy chapter in monetary history. i have often compared this to the vietnam war. american policy makers always did what was necessary to avoid immediate collapse and never did what was necessary to offer a prospect of a long run solution. eventually, the policy collapsed around it. >> let me ask you, do you believe in a year's time there will still be 17 members of the eurozone? >> there cannot be any guarantees. we do not what is going to happen. we do not what political conditions are going to permit in northern europe. we do not know what will happen with respect to on certain banking systems. but i think there is a proper judgment and having made the commitment to the era, the right path forward is to try to live with it and do what is necessary to make it work. >> if the euro were to collapse, how big of a deal with that before
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